Risk Management Consultant
Salary

The average Risk Management Consultant in the United States can expect to rake in roughly $75K per year. Total cash compensation to Risk Management Consultants approaches anywhere from $52K on the lower end to $133K on the higher end; in exceptional cases, this can include more than $20K from bonuses and upwards of $7K from profit sharing. The most influential factor affecting pay for this group is location, though years of experience and the particular employer have a (lesser) impact as well. Men account for the majority of Risk Management Consultants who responded to the questionnaire — 65 percent to be exact. Medical benefits are awarded to a large number, and most earn dental coverage. Most Risk Management Consultants report high levels of job satisfaction. The data for this synopsis comes from respondents who took the PayScale salary survey.

XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).

XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).

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Job Description for Risk Management Consultant

Risk management consultants analyze all aspects of the company - including financial, technology, and general business - to determine risk levels and opportunities to mitigate them. This involves working directly with stakeholders to determine standards and policies for analysis, litigation, investigations, and policies. On a day-to-day basis, the job mostly consists of activities such as user profiling, auditing, and collaboration with teams such as security operations. The consultant creates reports and analyses based on research, then presents them to management and stakeholders to determine the best available plan of action.

The work generally takes place in an indoor office setting with minimal physical requirements, though long hours of working on the computer may be strenuous. Work hours are typically limited to standard business hours, but travel or telecommunications may extend these hours for meetings with remote offices.

There are many different industries and companies that hire risk management consultants, especially in the banking industry. The job duties and requirements vary somewhat depending on the size of the company and industry specialization. Typically, a bachelor’s degree in a related field and a proven history in project management or data collection work are necessary. Additional certifications in computer forensics or other information technology (IT) fields are also sometimes required or preferred.

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Popular Employer Salaries for Risk Management Consultant

Although Wells Fargo & Co. boasts the highest average salary in town at $81K, employee compensation still varies greatly — workers can make as little as $50K or as much as $143K.

For Risk Management Consultants, below-average salaries can be found at Wells Fargo Bank; in fact, average earnings are around $69K, the lowest in the area, though the difference in the company's lowest and highest employee paychecks ($54K versus $163K) is great.

This chart shows the most popular skills for this job and what effect each skill has on pay.

Typical Risk Management Consultants report a focused set of job skills. Most notably, skills in Risk Consulting, Regulatory Compliance, Risk Management / Risk Control, and Data Analysis are correlated to pay that is above average, with boosts between 4 percent and 17 percent. Data Analysis, on the other hand, is typically associated with much lower pay.

Pay by Experience Level for Risk Management Consultant

Median of all compensation (including tips, bonus, and overtime) by years of experience.

Risk Management Consultants with a lot of experience tend to enjoy higher earnings. The average beginner in this position makes around $65K, but folks who have been around for five to 10 years see a markedly higher median salary of $94K. Risk Management Consultants see a median salary of $98K after reaching one to two decades on the job. Old hands who claim more than two decades on the job enjoy average earnings of $105K.

Pay Difference by Location

Denver offers some of the highest pay in the country for Risk Management Consultants, 44 percent above the national average. Risk Management Consultants will also find cushy salaries in New York (+32 percent) and San Francisco (+28 percent). Those in the field find the lowest salaries in Charlotte, 10 percent below the national average. Employers also pay below the national average in Washington and St. Louis (9 percent lower).